Assessing Bitcoin’s [BTC] state as Ordinals hit a new record

Ordinals hit a new all-time high in terms of both daily inscriptions and fees paid. During the episode, BTC’s hashrate also increased, as did miners’ revenue

Ordinals’ block size decreased as the text type of ordinals grabbed the largest share of total inscriptions.Ordinals again made it to the limelight by registering massive growth in terms of the number of inscriptions. Daily inscriptions reached an all-time high of more than 300,000 on 1 May, pushing the total number of inscriptions to over 3 million.

A look at the share of different types of Ordinals inscribed suggested that the majority of them were text type, which accounted for 79%. As per Dune’sAdditionally, the increase in number of inscriptions was also accompanied by a massive surge in Ordinals fees paid, which also reached a new ATH on 2 May 2023.Tom Wan, a research analyst, pointed out an interesting development. Despite the massive increase in the number of inscriptions, the average block size decreased.

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